Last month's failure of the debt reduction supercommittee to find $1.2 trillion in savings over a decade triggered a process known as sequestration, automatic, across-the-board cuts to discretionary spending. Defense spending would be cut by $500 billion, on top of the $465 billion cut this year, McKeon said in a release.

The bill — the Down Payment To Protect National Security Act — would achieve the 10 percent federal workforce reduction over a decade by hiring only one federal employee for every three who retire, according to a release from McKeon.

McKeon said his bill would save the government $127 billion. He added that more than half of the deficit reduction efforts have come from the military.

"The troops simply don't have any more to give," McKeon said in a statement. "It is time we address our debt crisis sensibly, by literally shrinking the size of government."